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Global upstream oil supply summary - July 2017

Global upstream oil supply summary - July 2017

Report summary

The oil supply summary monthly report provides analysis on short-term global oil supply through 2018. The written document is accompanied by a related excel data download. 

Global supply has had an upward revision of 70,000 b/d and 200,000 b/d in 2017 and 2018 respectively since our last update. This is largely driven by upgrades to supply in Libya and onshore US. Even with the assumption of an OPEC rollover of cuts through to the end of 2018, global supply is still projected to grow by 1.6 million b/d in 2018. 

The outlook for OPEC supply remains relatively stable this update. We have revised our OPEC production numbers for 2017 and 2018 up slightly due to Libya’s increased production and Ecuador announcing that it would not meet its promised OPEC cut of 26,000 b/d of production.

Our outlook for total non-OPEC supply has been revised upwards, mainly a result of calibrating rig counts in the US Permian and Mid-con.

What's included?

This report includes 2 file(s)

  • Global upstream oil supply summary data July 2017.xls XLS - 282.50 KB
  • Global upstream oil supply summary July 2017.pdf PDF - 929.69 KB


Volatility in oil markets has led players in the upstream oil and gas industry to focus on reducing capital spend and operating costs. At the same time, governments need to review fiscal terms to maintain attractiveness and investment.

This country report gives an overview of the key upstream supply issues for this country. If you’re interested in identifying and assessing upstream investment and expansion opportunities, this upstream supply report is your definitive commercial guide.

Potential investors, governments and companies in the oil and gas sector can use it to gain a better understanding of the critical issues for development opportunities in this country.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research. Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in commercial data and analysis.

  • Executive summary
    • Liquids changes (million b/d)

In this report there is 1 table or chart, including:

  • Executive summary
    • Executive summary: Image 1
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